Is the $10K limit on property tax deduction per property or per person?

[ann98713]

Is the $10K limit on property tax deduction per property or per person? I jointly own a house with a relative (other than a spouse) with property tax between $10K and $15K. We normally split the property tax deduction. Can we each continue to deduct an amount greater than $5K but less than $10K, or are we each limited to $5K?

[TomK]

Are you referring to your 2017 tax return?

[ann98713]

Yes, I am referring to my 2017 tax return.

[TomK · Accepted solution]

"One key tax change that may impact taxpayers’ taxes in 2018 (those taxes filed in 2019) is that beginning with their 2018 taxes there’s a new $10,000 cap on the sum of state and local income, sales and/or property taxes they can deduct. Previously, there was no limit on these deductions."

There is no property tax limit on your 2017 taxes.

Please read this article for more information - https://blog.turbotax.intuit.com/tax-reform/tax-reform-2017-can-i-deduct-my-property-taxes-i-prepaid...

2017 Tax Reform Legislation: What You Should Know

[Edited 3/25/18 | 1:13pm]

[TomK]

Please see updated answer.